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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Benj. Franklin Federal Savings & Loan Association (Portland, Oregon)

Information for Shareholders

  1. Final Legal Notice
  2. Sample Cover Letter
  3. Benj. Franklin Claim Form (56 KB PDF File - PDF Help)
  4. FAQ
  5. Final Distribution (27 KB PDF File - PDF Help)

SAMPLE COVER LETTER

TO: Shareholders of Benj. Franklin Federal Savings and Loan Association
Portland, Oregon
FROM: Federal Deposit Insurance Corporation as Receiver
Paying Agent for Benj. Franklin Federal Savings and Loan Association
SUBJECT: Notice of Claims Process - Distribution of judgment awarded to current shareholders of Benj. Franklin Federal Savings and Loan Association

The Benj. Franklin Federal Savings and Loan Association ("Benj.") of Portland, Oregon was closed and the Resolution Trust Corporation was appointed as receiver on September 7, 1990. The Federal Deposit Insurance Corporation has been serving as successor receiver (the "Receiver") for Benj. since January 1, 1996. In August of 2006, the Receiver made a liquidating distribution to shareholders of record. The Receiver is now issuing a second and final distribution to the current shareholders of record.

You have received this notice, with attachments for one or more of the following reasons:

All required forms must be accurately completed and returned to FDIC-Receiver at the address noted in the instructions in order for you to receive your distribution. Accordingly, you should carefully read the Instructions to Shareholders before completing any of the required documents. Claims must be postmarked on or before July 17, 2013.

The Receiver has established a webpage at www.fdic.gov/bank/individual/failed/franklin.html which contains Frequently Asked Questions and Answers, downloadable forms, and other information concerning the distribution. The Receiver will review your claim and upon verification of your submission, will mail you a check representing your pro-rata distribution.

If your shares are held through a financial institution or broker you are a beneficial owner and you do not need to take any action. Your distribution will be paid directly by the Receiver to the Depository Trust & Clearing Corporation ("DTC") which serves as nominee and record owner for brokerage firms and financial institutions. The DTC will distribute the funds to your broker or financial institution to be credited to your account. You should direct any questions about that distribution process to your broker or financial institution.

If you made a claim during the first distribution in 2006 and received a payment, we have record of your claim and you do not need to take action. Individual shareholder checks will be mailed after the claiming period ends July 17, 2013.

Claims received after July 17, 2013 and any other unclaimed distributions will be escheated to the state of the shareholder's last known address.

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Frequently Asked Questions
Benj. Franklin Federal Savings and Loan Association
Portland, Oregon
(In Receivership)
  1. How do I know if I'm a shareholder?

    Answer: If you currently hold Benj. Franklin Federal Savings and Loan Association, Portland, Oregon common stock certificate(s) in your name (or a certificate(s) that has been transferred to you) or if you hold stock in your investment portfolio (identified by a current statement from your Broker).

  2. If I owned stock in Benj. Franklin when it failed, but later sold the stock, am I entitled to the distribution?

    Answer: No. Distribution eligibility is limited to current owners of the stock.

  3. My stock certificate was retained by my broker, so what must I do to get my distribution?

    Answer: If your stock certificate was retained by your broker, the distribution will automatically be forwarded to your broker through the Depository Trust & Clearing Corporation ("DTC") for further credit to your account.

  4. I have a certificate(s) in my possession and did receive the first distribution in 2006. Do I have to file another claim?

    Answer: No. A check(s) will be sent to you after the claiming period ends on July 17, 2013.

  5. Why do I have to wait until July to receive my payment?

    Answer: Because the shares of Benj. continued to be traded after the first distribution in 2006, the Receiver needs the full 90 days of the claiming period to evaluate claims and avoid duplicate or erroneous payments.

  6. I have never made a claim and have lost/destroyed my stock certificate, what must I do in order to get a distribution?

    Answer: If your stock certificate was lost or destroyed, you should complete these three documents: Certification of Claim, Form W-9, and Affidavit of Lost, Missing, or Destroyed Certificates. The completed forms should be returned to the FDIC at the address shown below in question 15.

  7. Though I own a share certificate, the certificate is not in my name. What's necessary for me to get a distribution payment?

    Answer: It is customary for share certificates to be transferred by the owner to the purchaser by recording the sale (transfer) on the reverse side of the certificate. Share certificates which reflect the recorded sale (transfer) will ordinarily be accepted by the FDIC, but must be accompanied by the Certification of Claim and a Form W-9.

  8. Will there be any other distributions in the future?

    Answer: No. This will be the final distribution.

  9. How will this distribution affect my taxes?

    Answer: A 1099-DIV form will be sent to you at year end either directly from the FDIC or your brokerage firm that is holding your shares. You should seek advice from a tax professional or the IRS to determine any tax effect this distribution may have upon you. This is considered a liquidation distribution and we are required to report only on distributions of $600 or more.

  10. What is a surety bond, how do I obtain one, and is there a fee for such bonds?

    Answer: Bonding companies can be located through your stockbroker, but can also be located in the yellow pages of most phone directories. Bonding companies will explain their requirements for a surety bond and inform you of the fees for such services.

  11. What should be submitted for a deceased shareholder by the executor / heir of an estate?

    Answer: The Claiming Documents need to be completed and returned along with a copy of the shareholder's death certificate, copies of the papers appointing the executor and any documents conveying the property of the deceased, such as a probated will.

    Heirs of a deceased shareholder who died without a will (intestate) will have to comply with governing state law. Call 866-621-9281 for specific instructions.

  12. If I did not make a claim for the previous distribution in 2006, can I do so now?

    Answer: Yes, you must file a claim. A claim can be made by following the instructions outlined in this website. Your claim is subject to the Receiver's determination that a claim has not already been paid.

  13. Does the shareholder need to sign the back of the stock certificate?

    Answer: No.

  14. If more than one name is listed on the stock certificate, do all SSN#'s need to be listed on the W9?

    Answer: A separate W9 should be prepared for each name listed on the stock certificate.

  15. What number is the Certificate number?

    Answer: The number in the box located in the upper left hand corner of the stock certificate preceded by the initials: SF

  16. How do I contact you?

    Answer: Via email at benfranklin@fdic.gov
    Via phone at 866-621-9281
    Via Mail: Federal Deposit Insurance Corporation as Receiver
    Benj. Franklin
    1601 Bryan Street, Mail Stop 32-1
    Dallas, TX 75201

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Last Updated 05/01/2013
cservicefdicdal@fdic.gov